Taxes on poker winnings
in Business, Accounting & Taxes ·
Not really. I built up my bankroll grinding freerolls, but if I actually hit a score, I’d be cashing out to a bank account in the States.
Home ›
Larry Ramirez3 › Posts
Posts by Larry Ramirez3
3 posts shown.
Taxes on poker winnings
in Business, Accounting & Taxes ·
I actually started this thread over in the Legal subforum, but the mods moved it here. As far as the legal side goes, I’ve dug through a few statutes regarding gambling and its regulation, and honestly, the only thing that seems to hit players directly is Article 68 of the gambling laws: "(1) It is prohibited... 2. participating in foreign gambling if the stakes are being placed within the Republic of America." Here’s my take: I’m paying for this tournament using funds from my poker site account, and I’m topping up that account via PayPal. Since neither of those accounts is physically located in America, I don't see how anyone could claim I'm breaking any rules.
Taxes on poker winnings
in Business, Accounting & Taxes ·
Look, my bad if this is repetitive. I checked the other threads, but nobody seems to have actually answered what I'm asking.
So, how does the IRS look at winnings from online poker sites? Does it matter if I'm just playing tournaments where the top prize is roughly $3.25? Also, is there a big difference in how they tax you if you're just a hobbyist versus someone playing professionally? Thanks for the help.
Larry Ramirez3
So, how does the IRS look at winnings from online poker sites? Does it matter if I'm just playing tournaments where the top prize is roughly $3.25? Also, is there a big difference in how they tax you if you're just a hobbyist versus someone playing professionally? Thanks for the help.
Larry Ramirez3